Business Commons^™

A Study On R&D Tax Incentives: Final Report, Bas Straathof, Elina Gaillard Ladinska, Henk Lm Kox, Remco Mocking

Henk LM Kox

Pokerstar88.Com Agen Texas Poker Dan Domino Online Indonesia Terpercaya - Seo L0v3r, Di Rosie

di rosie

Pokerstar88.com Agen Texas Poker Dan Domino Online Indonesia Terpercaya - Kebanyakan permainan judi memiliki sejarah yang teka-teki dibungkus dalam sebuah teka-teki dan misteri. Subjek baik menarik dan sulit dipahami, namun sejarawan terus mencoba untuk menelusuri asal-usul berbagai macam permainan, terutama poker, yang merupakan favorit abadi. Meskipun upaya terbaik mereka, namun, tepatnya tanggal dan tempat lahir poker tetap samar-samar, dengan Mesir, Jerman, Prancis, dan Inggris yang dikutip oleh sejarawan poker yang berbeda mungkin negara asal.

Kebanyakan orang setuju, bagaimanapun, poker yang berasal dari Prancis, di mana ia dimulai sebagai permainan populer disebut "poque." Ketika poque cinta Prancis datang ke Amerika Serikat …

Drivers’ Growth Of Islamic Banking Industry: Lesson From Malaysia, Yagoub Elryah Dr.

Yagoub Elryah (PhD)

Numerous studies focus on the Islamic banking performance, banks’ growth. There are, however, very little is known about the drivers’ growth of Islamic banking. The paper attempted to fill this gap. To achieve the objectives of the study, we considered government financial strategies for Islamic banking in Malaysia (Master Plan financial services 2000-2010 and Blueprint financial sector plan 2011-2020), reviews various scholarly writings on the development of Islamic banking industry, and the strategic plans of selected banks. In this context, we explored the drivers’ growth Islamic banking industry in Malaysia for the period 2002-2012. The findings of the study revealed …

Project Finance: Transactional Evidence From Australia, Michael Regan

Michael Regan

The international project finance market is experiencing a period of significant change. The new Basel III capital adequacy rules will make it harder for banks to provide long-term project finance, and alternative sources of finance such as the shadow banking sector, fund managers, sovereign wealth funds, and institutional investors will take time to bridge the financing gap. In the meantime, it is difficult to source project finance for tenors beyond seven years, risk premiums are higher, and finance is difficult to source. Recent innovations in the form of the European Investment Bank’s Project Bond Initiative, and the ASEAN Infrastructure Fund …

Governance-Default Risk Relationship And The Demand For Intermediated And Non-Intermediated Debt, Husam Aldamen, Keith Duncan, Safdar Khan

Safdar Khan

This paper explores the impact of corporate governance on the demand for intermediated debt (asset finance, bank debt, non-bank private debt) and non-intermediated debt (public debt) in the Australian debt market. Relative to other countries the Australian debt market is characterised by higher proportions of intermediatedor private debt with a lower inherent level of information asymmetry in that private lenders have greater access to financial information (Gray, Koh & Tong 2009). Our firm level, cross-sectional evidence suggests that higher corporate governance impacts demand for debt via the mitigation of default risk. However, this relationship is not uniform across all debt …

Financial Statement Fraud Detection And Possible Link To Company Failure, Adrian Gepp, Kuldeep Kumar, Sukanto Bhattacharya

Adrian Gepp

No abstract provided.

Attaining Legitimacy By Employee Information In Annual Reports, Pamela Kent, Tamara Zunker

Tamara Zunker

Purpose – The purpose of this study is to provide evidence on the category, quantity and quality of voluntary employee-related information Australian listed companies disclose in their annual report. An explanation is also sought to determine whether companies adopt employee-related disclosures to legitimise their relationship with society. Voluntary adoption of corporate governance best practice recommendations is used as a measure of companies’ attempts to attain ex ante legitimacy. Media agenda setting theory is used as a measure of an attempt to gain legitimacy ex post following adverse publicity from the media. Design/methodology/approach – The annual reports of all companies with …

Bank Risk And National Governance In Asia, Barry Williams

Barry Williams

Does national governance quality impact on bank risk?

How The Australian Ban On Short Selling During The Gfc Affected Market Quality And Volitility, Uwe Helmes, Julia Henker, Thomas Henker

Thomas Henker

We examine the effects of the short selling ban, imposed by Australian regulators in the wake of the global financial crisis, on trading of financial stocks. Unlike other developed markets, where regulators imposed short-selling restrictions for brief periods of time at the height of the financial crisis, the ban on short selling of financial stocks on the Australian Stock Exchange lasted eight months, including both the tumultuous end of 2008 and the calmer period up to May 2009. Our control group consists of matched Canadian financial institutions which were unaffected by a short selling ban. We analyze the impact of …

Transaction Size And Effective Spread: An Informational Relationship, Thomas Henker, Robert Kohn, Yuewen Xia, David Feldman

Thomas Henker

The relationship between quantity traded and transaction costs has been one of the main focuses among financial scholars and practitioners. The purpose of this thesis is to investigate the informational relationship between these variables.Following insights and results of Milgrom (1981), Feldman (2004), and Feldman and Winer (2004), we use New York Stock Exchange (NYSE) data and kernel estimation methods to construct the distribution of one variable conditional on the other. Then, we study the information in these conditional distributions: the extent to which they are ordered by first order stochastic dominance (FOSD) and by the monotone likelihood ratio property (MLRP).

The Vanishing Abnormal Returns Of Momentum Strategies And ‘Front-Running’ Momentum Strategies, Julia Henker, Thomas Henker, Robert Huynh, Martin Martens

Thomas Henker

We find variations in returns from momentum strategies. Unlike most studies, we form portfolios one week prior to the end of month, called ‘front-running’ momentum portfolios. As expected, due to the effects of institutional momentum trading, our ‘front-running’ portfolios generate returns of similar magnitude but lower volatility than month-end strategies. We also show that the previously documented large-firm momentum effect is sensitive to the strategy examined, and is attributable to the abnormal returns of large NASDAQ stocks. Moreover, momentum strategies did not earn significant returns during our sample period, an indication that momentum is not an unambiguously persistent anomaly.

Confronting The Peppercorn Settlement In Merger Litigation: An Empirical Analysis And A Proposal For Reform, Jill E. Fisch, Sean J. Griffith, Steven M. Davidoff

Steven Davidoff Solomon

Shareholder litigation challenging corporate mergers is ubiquitous, with the likelihood of a shareholder suit exceeding 90%. The value of this litigation, however, is questionable. The vast majority of merger cases settle for nothing more than supplemental disclosures in the merger proxy statement. The attorneys that bring these lawsuits are compensated for their efforts with a court-awarded fee. This leads critics to charge that merger litigation benefits only the lawyers who bring the claims, not the shareholders they represent. In response, defenders of merger litigation argue that the lawsuits serve a useful oversight function and that the improved disclosures that result …

Attaining Legitimacy By Employee Information In Annual Reports, Pamela Kent, Tamara Zunker

Pamela Kent

Purpose – The purpose of this study is to provide evidence on the category, quantity and quality of voluntary employee-related information Australian listed companies disclose in their annual report. An explanation is also sought to determine whether companies adopt employee-related disclosures to legitimise their relationship with society. Voluntary adoption of corporate governance best practice recommendations is used as a measure of companies’ attempts to attain ex ante legitimacy. Media agenda setting theory is used as a measure of an attempt to gain legitimacy ex post following adverse publicity from the media. Design/methodology/approach – The annual reports of all companies with …

Financial Performance Of Axis Bank And Kotak Mahindra Bank In The Post Reform Era: Analysis On Camel Model, Kishore Meghani

kishore meghani

The objective of this study is to Analyze the Financial Position and Performance of the Axis and Kotak Mahindra Bank in India based on their financial characteristics. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. The present study is conducted analyze the consistency of the profitability of the Axis and Kotak Mahindra bank’s. It is analyses that the ratio of credit deposit is maximum of Kotak Mahindra Bank Ltd and it shows efficient management of the …

Financial Statement Fraud Detection And Possible Link To Company Failure, Adrian Gepp, Kuldeep Kumar, Sukanto Bhattacharya

Kuldeep Kumar

No abstract provided.

Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan

Rongbing Huang

This study examined whether the market fully prices the reported Selling, General, and Administrative (SGA) expenses when this item includes an intangible investment component. For a sample of intangible investment-intensive firms, we showed that their SGA expenses benefit future operating performances. Evidence suggests some degree of market inefficiency in the pricing of SGA expenses and the intangible investment component. Furthermore, the financial analysts do not appear to appreciate fully the future benefits of the component in their earnings forecasts. Finally, the pertinent disclosures in firms’ annual reports are so inadequate as to attenuate the market mispricing, suggesting a significant room …

Incentivizing Credit Rating Agencies Under The Issuer Pay Model Through A Mandatory Compensation Competition, Robert J. Rhee

Robert Rhee

Credit rating agencies are important institutions of the global capital markets. If they had performed properly, the financial crisis of 2008-2009 would not have occurred. This article offers the simplest fix proposed thus far, and it is contrarian. This Article accepts the central role of rating agencies in the regulation of bond investments, the realities of a duopoly, and the issuer-pay model of compensation. The status quo is the baseline. The role of regulation should be to create the conditions necessary to induce competition. This article proposes that a small, recurring portion of revenue earned by the largest rating agencies …

A Alienação Fiduciária De Ações Nas Operações De M&A, Felipe Chagas Villasuso Lago

Felipe Chagas Villasuso Lago Mr.

The need to establish mechanisms, in particular, laws that guarantee a return to the investor, or rather a quick fix that will sustain if the default is a global trend. In seeking to balance this scale, increasing investment and guaranteed security to investors, the Brazilian legislature has innovated. The Fiduciary Alienation is a secured guarantee that resulted from this innovation, having the scope of developing a more trustable funding on the financial and capital markets. The present article will analyze the legality of stocks’ fiduciary alienation in operations of Mergers and Acquisitions (“M&A”) in light of the different legal applicable …

Acquisitions Driven By Stock Overvaluation: Are They Good Deals?, Fangjian Fu, Leming Lin, Micah Officer

Micah S. Officer

Theory and recent evidence suggest that overvalued firms can create value for shareholders if they exploit their overvaluation by using their stock as currency to purchase less overvalued firms. We challenge this idea and show that, in practice, overvalued acquirers significantly overpay for their targets. These acquisitions do not, in turn, lead to synergy gains. Moreover, these acquisitions seem to be concentrated among acquirers with the largest governance problems. CEO compensation, not shareholder value creation, appears to be the main motive behind acquisitions by overvalued acquirers.

Names, Trains, And Corporate Deals: Why Public Transit Shouldn't Sell Naming Rights, Frank Pasquale

Frank A. Pasquale

No abstract provided.

Proposed National Standards For Financial Literacy: What’S In? What’S Out?, Julie A. Nelson, Mark H. Maier, Deborah M. Figart

Julie A. Nelson

Financial education must go beyond focusing on the choices individuals face and examine the forces that shape and constrain these choices.